5 1.1 The Urgent Need for Breakthrough 1.1.1 Hong Kong is losing the momentum for economic growth. 1.1.2 Hong Kong was once the shining “Pearl of the Orient” among Asia’s Four Little Dragons. From “Made in Hong Kong” to “Made by Hong Kong”, Hong Kong has overcome various kinds of difficulties and challenges again and again over decades. However, the traditional industrial model is starting to lose its edge in the face of the changing world, and the catchphrase “Innovated by Hong Kong” still seems distant. 1.1.3 In the past two years, the economic downturn brought about by Hong Kong’s social instability and COVID-19 has not only severely damaged the economy and livelihood of Hong Kong residents, but also once again highlighted the problem of Hong Kong’s excessively concentrated industrial structure. The first to bear the brunt are those essential service industries for Hong Kong such as tourism, retail, and catering. Moreover, increasingly tense international political relations are significantly weakening Hong Kong’s role as a trade intermediary. The structurally excessive dependence of Hong Kong’s economy on the financial industry has also made the economic structure fragile. As the economy and people’s livelihood suffer a heavy blow, the government’s input and commitment to the society become more important. The increasing financial burden of the government is rapidly reducing Hong Kong’s financial reserves. All these statements point to the same direction: Hong Kong’s economy needs new impetus to drive long-term development and growth. Economic development has always been sailing against the current - either forging ahead or drifting downstream. 1.1.4 Young people born between 1980 and 2000 in Hong Kong, known as millennials, are now in the life stage of studying or career taking-off in the workplace. Compared with their parents, millennials grew up in a relatively affluent environment, but face more difficult challenges. Hong Kong’s declining economic momentum and weakening industries have made it difficult for young people in Hong Kong1, one of the cities with the highest living costs in the world, to move upward. It is difficult for them to escape the plight of the “working poor” 2. The pressure of survival and life has become an overwhelming heavy burden for many young people3. In Chapters 4 and 5, we will delve into the issues of Youthquake and Social Mobility. 1 The Urgency for Further Developing Hong Kong’s Technology and In novation Industries 1 Economist Intelligence Unit, Worldwide Cost of Living 2020, https://www.eiu.com/n/campaigns/worldwide-cost-of-living-2020 2 https://www.hk01.com/周報/354544/青年困境-沒有父幹如何向上流-香港的-窮忙-悲歌 3 https://www.hk01.com/周報/355617/青年困境-活在全球生活費最貴城市-談何理財-談何追夢
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